GPB Global Resources Explores Oil In Ethiopia

Ethiopia is one of the most vibrant nations in Africa. This is an area with a long history and a highly educated population. Those who can find opportunities in this area are likely to find a workforce happy to reach for profits with them. One company that understands this process is GPB Global Resources. GPB Global Resources is a unit of a much larger state owned enterprise. As such, GPB Global Resources has behind it the know how of Russia, a nation with an equally long history and an equally educated population ready and able to meet the challenges of the coming decade. Right now, those who watch this industry are not surprised to learn this is one team that is about to invest millions in this part of the world. GPB Global Resources is bringing in about sixty million dollars to Ethiopia in order to search for petroleum resources. The company has a specific focus on the northeastern part of the country. They expect to find a great many potential places to drill in this area. See the company’s profile on Linkedin.

Approval From the Government

Officials at this company have found approval from the Ethiopian government. The approval is in part for an agreement that allows them to explore the area for a period of seven years. In addition, they have also signed an agreement that allows them to spend twenty-five years in producing any oil they might find in this part of the world. They plan to put in a series of test wells that are designed to see if there’s oil in an area that’s about forty-two thousand square kilometers. The area they intend to explore is known as the Afar region. This is a historical region that forms part of a region known as the East Africa Rift Valley. The East Africa Rift Valley has been inhabited by humans for many thousands of years. This is part of an overall plan with the Ethiopian government that seeks to help vastly increase revenues for the country. Doing so will help all involved create value for the company and Ethiopian citizens.

Source: https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=244300141

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